Exxon Mobil has agreed to pay $59.5 billion for rival Pioneer Natural Resources in a deal that will secure the energy giant’s status as the fracking leader in the all-important Permian Basin—a region that stretches across West Texas and New Mexico and produces nearly 40% of all U.S. oil and 15% of all U.S. natural gas.
If the acquisition survives a federal antitrust review, it will be Exxon’s largest since it merged with Mobil in 1999. And some industry insiders argue the big move into West Texas shale is indicative of a changing outlook toward the green energy transition.
